Le prix des titres comme véhicule de l’information: une approche en équilibre général

Hubert Stahn

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Abstract: Summary In this paper I introduce asymetric information in a general equilibrium model characterized by uncertainty and the existence of incomplete financial markets. This model of one good and S states of nature is associated with the concept of equilibrium with rational expectations; and we show that there exists a generic class of economies for which the equilibrium price in the financial markets is perfectly revealing of the information asymmetries. From that point of view, the model follows the ideas of Radner[1968] yet makes use of the recent developements in the theory of incomplete markets.

Keywords: Equilibre à anticipations rationnelles; Marchés incomplets; Asymétries d'information (search for similar items in EconPapers)
Date: 1996
Note: View the original document on HAL open archive server: https://hal.science/hal-05220974v1
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Published in Recherches Economiques de Louvain - Louvain economic review, 1996, 62 (1), pp.73-94. ⟨10.1017/S0770451800004802⟩

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Working Paper: Le prix des titres comme véhicule de l’information: une approche en équilibre général (1996)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05220974

DOI: 10.1017/S0770451800004802

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